Crude Oil Drops to January 2007 Levels

By Dirk Lammers

SIOUX FALLS, S.D. -- Oil slipped below $54 a barrel Wednesday as stock markets across the globe fell and yet another U.S. government report illustrated just how far the nation's housing market has fallen.

Governments, businesses and consumers have slashed energy, which has halved the price of crude since record highs in July.

Light, sweet crude for December delivery fell 77 cents to settle at $53.62 a barrel on the New York Mercantile Exchange, about where prices were in January of 2007. ...